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The Real Deal NYC

Resi firms descend on remnants of Town

Within hours of the demise of Town Residential‘s sales and leasing divisions on Thursday, the text messages and emails started flying. With several hundred brokers suddenly free agents, Town’s rivals wasted no time swooping in to lay claim on remnants of the carcass. One senior brokerage executive compared the phenomenon to locusts descending. “I’ve never seen anything like this,” the source said. “This has happened in the past to tiny companies. This was not a […]

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Solow files plans for 57th Street mixed-use tower

After several years of assembling sites and wrangling with tenants in court, Solow Realty and Development has filed plans for a 52-story mixed-use skyscraper on West 57th Street. The tower, which will rise at 10-12 West 57th Street, is expected to feature 80 residential units and 180,396 square feet for commercial use, New York YIMBY reports. The property is one of several that Solow has purchased on 57th Street since 2011. Solow paid $120 million […]

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Mansion that was former Catholic school hits market for $23.5M

A mansion that used to be part of Martin Scorsese’s old school is up for sale for $23.5 million. The house is located in Nolita and used to be part of the St. Patrick’s Old Cathedral School, according to the Wall Street Journal. In addition to attending the school, Scorsese was an altar boy at the church and later filmed a scene from “Mean Streets” at the church’s graveyard. Time Equities and Hamlin Ventures paid […]

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Wells Fargo to pay $1B to settle claims of mortgage lending abuses

Wells Fargo will pay a $1 billion to settle several allegations, including that it improperly charged mortgage customers fees to lock-in interest rates. The Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency announced the settlement on Friday, following several reports that the agreement was looming, CNBC reported. Back in December, President Trump tweeted that the bank wouldn’t escape penalties linked to the alleged mortgage lending abuse and would perhaps face […]

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Preservationists seek to stop changes to landmarking process

Preservationists aren’t happy with a proposed rule change that would allow more applications to go through the Landmarks Preservation Commission without a public hearing. Nine of the city’s largest preservation organizations filed a joint letter criticizing the proposal, saying it doesn’t allow for enough transparency in the landmarking process, Curbed reported. “Like environmentalists or dance enthusiasts, preservationists are not a monolithic mass. We agree on certain core principles but our individual focus is often nuanced […]

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Bringing down the (open) house: Cops play spoilsport at Makowsky’s megamanse

What happens when you mix a mansion asking $188 million, a brokers’ preview and social media? In Bel-Air at least, that’s a recipe for a police-led shutdown. After what was meant to be a brokers-only open house at Bruce Makowsky’s spec home got raucous Tuesday, police intervened and shut the event down, sources in attendance told The Real Deal. Brokers, and some civilians who had caught wind of the event, were asked to leave the […]

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Construction is back on at Pier 55—for real this time

Construction at Pier 55 is back on, and it might actually not get bogged down with lawsuits this time. Work on the project has recommenced after years of controversy and delays, according to Curbed. After Barry Diller and Diane von Furstenberg announced that they were launching the park years ago, the City Club of New York repeatedly blocked work on it with lawsuits. Douglas Durst was eventually revealed as the funder behind some of those […]

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Mobster Al Capone’s former Miami Beach mansion asks $15M

What would Big Al think? The former home of the late Al Capone just hit the market for $14.9 million. The Prohibition-era gangster bought the home in 1928 after being released from Alcatraz, and he died at the property in 1947. Now, after a multimillion-dollar renovation, MB America, a wealth and investment management company representing a wealthy Italian industrialist family, wants to sell the bayfront estate at 93 Palm Avenue. Miami-based MB America paid $8 […]

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NYC’s resi firms are spending millions to look young and sexy. Will re-branding work?

“Established in 1873” has gravitas. It conveys longevity and experience. But when executives at Brown Harris Stevens sat down with designers from Pentagram last year, they decided it wasn’t enough. In a bid to show its embrace of a changing and increasingly tech-driven market, BHS debuted a new tagline — “Bold, honest, smart” — on Tuesday, becoming the latest brokerage to debut a new look over the past year. On Monday, Halstead Property, which like BHS […]

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Developers in London are finally cutting prices. And sales are rising.

Take note, New York City developers: London home sales are going up following a decision by developers to lower asking prices for the first time in years. The last time developers across the pond lowered asking prices was in 2010, according to Bloomberg. During the first quarter, about 6,900 homes under construction were sold, which is the most in three years. Institutional investors interested in rental properties bought about 30 percent of the homes. Rising […]

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